Grains’ futures had a mixed trading session on Tuesday, as corn squeezed out some gains amid bargain buying activities, while soybean and wheat prices extended losses, with wheat futures finding pressure from both liquidation and harvest pressure.
In term of forecasts, the Seasonally cool weather persists in the Great Lakes region and upper Midwest for another of few days, but much of the central U.S. will see higher-than-average temperatures by the weekend.
Oil prices advanced on Wednesday, due to a supply disruption in Canada, declining US crude stock, and after United States officials told importers to refrain from buying Iranian crude from November.
Meanwhile, OPEC is attempting to make up for the disrupted supply, said late last week it would increase output.
And Top exporter Saudi Arabia plans to pump a record 11 million bpd in July, up from 10.8 million bpd in June.
U.S. West Texas Intermediate Crude Oil August futures extended its gains on Wednesday, up by 0.64 percent to trade at 76.53 0USD per barrel at 11:00 GMT. after jumping by 3.62 percent at 76.53 on Tuesday.
However, Brent Oil August futures were steady to trade at 76.53 USD per at 11:00 GMT, after advancing by 2.24 percent on Wednesday at 76.55 at the close.
CBOT July Wheat futures extended losses on Tuesday, marking its third consecutive session in red, weighed down by progress in U.S wheat harvest.
CBOT July Wheat prices dropped 1.193 percent on Tuesday to trade at 4.69-3/4 per bushel at the close.
USDA’s latest assessment for the 2018 U.S. spring wheat crop shifted from 78% in the good-to-excellent condition the prior week to 77%. Regardless of the slight decline in ratings, the figure is still meaningfully better beginning of the 2017 season when only 40 percent of the crop was rated good to excellent this time last year.
Meanwhile, Harvest progress leads on for the 2017/18 U.S. winter wheat crop, hitting the 41 percent mark last week – up from 27 percent the week prior, and
In the export space, Taiwan bought 3.8 million bushels of U.S. wheat in an international tender that closed earlier Tuesday.
Egypt purchased 4.4 million bushels of Russian wheat in an international tender, and Tunisia released an international tender for the purchase 5.2 million bushels of soft milling wheat and 4.6 million bushels of barley from optional origins.
Preliminary volume estimates were for 144,548 CBOT contracts, up nearly 10% from Monday’s final count of 131,922.
CBOT July Corn futures added by 0.43 percent on Tuesday to trade at 3.52-1/2 at the close.
In the most recent USDA Crop Progress report, released on Monday,
USDA rates 77 percent of the 2018 U.S. corn crop in good-to-excellent condition, slightly below last weeks rating 78 percent.
In Exports, South Korean corn purchased 8.1 million bushels on Tuesday, bringing the Seoul’s total purchases to more than 66.9 million bushels in June.
Preliminary volume estimates were for 604,522 contracts, up more than 31% from Monday’s final count of 461,057.
CBOT July Soybean futures lost 1.055 percent on Tuesday to trade at 8.67 at the close, as the U.S –China trade disputes pressured Soybean prices further in the negative territory.
Stateside, U.S. Secretary of Agriculture Sonny Perdue said to USA today that farmers had, unfortunately, become the victims of the recent trade row and pledged to help if the disputes don’t get resolved soon.
In fundamentals, 95 percent of the 2018 U.S. soybean crop is now emerged according to USDA, up by 5 percent lasts weeks 90 percent.
USDA did not change its quality assessment of the 2018 U.S. soybean crop, still at 73% in good-to-excellent condition.
Preliminary volume estimates were for 262,575 contracts, slightly ahead of Monday’s final count of 259,360.